New Issue: Renault sells upsized €600 million 4 5/8% five-year notes at mid-swaps plus 365 bps

By Paul A. Harris

Portland, Ore., Sept. 10 - French car-maker Renault SA priced an upsized €600 million issue of five-year fixed-rate notes (Ba1/BB+/) at a 365 basis points spread to mid-swaps on Monday, according to market sources.

The spread came on top of spread talk. Initial guidance was 375 bps.

Earlier in the European session the company announced an expected deal size of €500 million.

Citigroup, Mitsubishi UFJ Securities, Natixis and SG CIB managed the sale.

Issuer:	Renault SA
Amount:	€600 million, expected size announced was €500 million
Maturity:	Sept. 18, 2017
Securities:	Fixed-rate notes
Managers:	Citigroup, Mitsubishi UFJ Securities, Natixis, SG CIB
Coupon:	4 5/8%
Price:	99.891
Yield:	4.65%
Spread:	Mid-swaps plus 365 bps
Call protection:	Non-callable
Trade date:	Sept. 10
Settlement date:	Sept. 18
Ratings:	Moody's: Ba1
	Standard & Poor's: BB+
Price talk:	Mid-swaps plus 365 bps area (initial guidance was 375 bps)
Marketing:	Quick to market

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